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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
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    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory operations require confirmed orders, traceable segregated stock, timely seller payments and proportionate export-benefit pass-through.
    The Inventory-based Cross-border E-Commerce Export Framework permits export-only inventory operations through a registered Exporter-on-Record, which procures goods against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted for domestic sale. Sellers must receive timely payment irrespective of overseas buyer payment, proportionate pass-through of export rebates and refunds, and visibility of sale prices, orders and shipment tracking. Annual compliance certification and digital records are required.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
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    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.

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      Customs, DGFT & SEZ

      India's FTAs Deepen Global Market Access, Boost Export Diversification and Labour-Intensive Sectors.

      July 28, 2026

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      India recorded highest-ever exports in FY 2025-26 reaching a record US$ 863.1 billion, with merchandise exports reaching US$ 441.8 billion and services exports expanding further to US$ 421.3 billion, reflecting the combined strength of India’s merchandise and services sectors in driving export growth. Destination-wise data is available for merchandise exports and FTA wise India’s merchandise exports during FY 2025-26 is given below in Table 1.

      Table 1: India’s Merchandise Exports to FTA partners in FY 2025-26 (US$ Mn)

      Free Trade Agreements

      Date of Implementations

      Merchandise Exports in FY 2025-26 (US $ Mn)

      India-Australia Economic Cooperation and Trade Agreement (ECTA)

      29th December 2022

      7284.17

      India–Bhutan Agreement on Trade, Commerce and Transit

      29th July 2006 and renewed with effect from 29 July 2017

       

      1252.86

      India–Japan Comprehensive Economic Partnership Agreement (CEPA)

      1st August, 2011

      6039.5

      India–Republic of Korea Comprehensive Economic Partnership Agreement (CEPA)

      1st January, 2010

      6012.03

      India–Malaysia Comprehensive Economic Cooperation Agreement (CECA)

      1st July, 2011

       

      6825.55

      India–Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA)

      1st April, 2021

       

      473.64

      India–Nepal Treaty of Trade

      27-10-2009

      7447.11

      India–New Zealand Free Trade Agreement (FTA)

      Signed, yet to be effective

      566.51

      India–Oman Comprehensive Economic Partnership Agreement (CEPA)

      01st June 2026

       

      4021.48

      India–Singapore Comprehensive

      Economic Cooperation Agreement (CECA)

      1st August, 2005

       

      11863.66

      India–Sri Lanka Free Trade Agreement (ISFTA)

      1st March, 2000

      5516.83

      India–Thailand Free Trade Agreement (Early Harvest Scheme)

      1st September, 2004

      5058.6

      India–United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA)

      1st May 2022

      37359.11

      India-UK Comprehensive Economic and Trade Agreement (CETA)

      15th July 2026

      13444.19

       

       

       

       

       

       

       

       

       

      ASEAN–India Trade in Goods, Services and Investment Agreement (AIFTA)

      Goods

      1st January 2010 in respect of India and Malaysia, Singapore, Thailand.

      1st June 2010 in respect of India and Vietnam.

      1st September 2010 in respect of India and Myanmar.

      1st October 2010 in respect of India and Indonesia.

      1st November 2010 in respect of India and Brunei. 24th                     January 2011 in respect of India and Laos. 1st June 2011 in respect of India and the Philippines.

      1st August, 2011 in respect of India and Cambodia.

      Services and Investment

      1st July, 2015

       

       

       

       

       

       

       

       

       

       

      38416.33

       

      South Asian Free Trade Area (SAFTA) Agreement

      1st January 2006

      (Tariff concessions implemented from 1st July, 2006)

       

      25774.68

      The Government monitors utilisation of preferential tariff benefits under newly operationalised trade agreements (signed post 2021) through Certificates of Origin and partner-country trade data.

      • India-UAE Comprehensive Economic Partnership Agreement (CEPA): Since its entry into force on 1st May 2022, 4.45 lakh Certificates of Origin have been issued, reflecting robust utilisation of tariff concessions by Indian exporters. Further, the number of tariff lines at the HS 8-digit level exported to the UAE increased from 7,546 in FY 2021-22 (pre-CEPA) to 8,053 in FY 2025-26, with exports across these tariff lines valued at US$ 37.3 billion. This represents an increase of 507 tariff lines (6.7%), indicating greater export diversification and deeper market penetration in the UAE market following the implementation of CEPA.
      • India-Australia Economic Cooperation and Trade Agreement (ECTA): Since its entry into force in December 2022, 2.73 lakh Certificates of Origin have been issued. Prior to ECTA, only 1,482 Certificate of Origin were issued in FY 2020-21. Following implementation of the Agreement, Certificate of Origin issuance increased significantly, with an average of approximately 45,527 Certificate of Origin issued annually. In FY 2021-22, 5396 tariff lines at HS 8 level and after FTA in FY 2025-26, 5668 tariff lines at HS 8 level valuing US$ 7.2 Bn. This represents an increase of 272 tariff lines, indicating greater export diversification and expanded market access following the implementation of ECTA.
      • India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA): The CECPA entered into force on 1 April 2021. The Agreement provides preferential market access for 310 Indian product lines in Mauritius and covers goods, services, Rules of Origin, customs procedures and economic cooperation. Indian exporters have availed preferential tariff benefits through the issuance of 1,956 Certificates of Origin under the Agreement. Further, the number of tariff lines at the HS 8-digit level exported to Mauritius increased from 3,593 in FY 2021-22 (pre-CECPA) to 4,345 in FY 2025-26, with exports across these tariff lines valued at approximately US$ 473 million. This represents an increase of 752 tariff lines (20.9%), indicating greater export diversification and expanded market access following the implementation of CECPA.
      • India–Oman Comprehensive Economic Partnership Agreement (CEPA): CEPA grants duty-free access to 99.38% of India’s exports to Oman by value, covering 98.08% of Oman’s tariff lines, making it one of India’s most comprehensive market access outcomes in the Gulf region. Since its entry into force on 1 June 2026, 783 Certificates of Origin have been issued. Further, the  number of tariff lines at the HS 8-digit level exported to Oman increased from 2,879 in May 2026 to 3,371 in June 2026. Exports across these tariff lines stood at US$ 622.8 million in June 2026, compared to US$ 402.7 million in May 2026 (month-on-month growth of 54.7%) and US$ 215.1 million in June 2025 (year-on-year growth of 189.6%), indicating enhanced market access and export diversification following the implementation of the Agreement.
      • India EFTA-TEPA: Under TEPA, EFTA has offered 92.2% of tariff lines encompassing 99.6% of India’s exports. Includes 100% of non-agricultural products and tariff concessions on Processed Agricultural Products (PAP). Since its entry into force in October 2025, 7885 Certificates of Origin have been issued reflecting impressive utilisation of tariff concessions by Indian exporters

      The labour-intensive sectors have remained a key priority in India's recent FTA negotiations. Agreements concluded with the UAE, Australia, the United Kingdom, Oman, New Zealand and EFTA have secured improved market access while adopting a calibrated approach to safeguard sensitive domestic sectors. Collectively, these agreements provide preferential access to a substantial share of partner-country tariff lines, for instance, 99% of Indian exports to the UK, 97% of EU tariff lines covering about 99.5% of bilateral trade value, 100% duty-free access for Indian exports to New Zealand, 98% of Oman's tariff lines, and 99.6% of tariff lines under the India–EFTA TEPA. These agreements provide significant export opportunities for labour-intensive sectors such as textiles & apparel, leather & footwear, gems & jewellery, marine products, carpets, handicrafts and agricultural products, while preserving adequate policy space for sensitive domestic sectors through calibrated tariff liberalisation and transition arrangements. This balanced approach seeks to promote employment-intensive exports, strengthen domestic manufacturing competitiveness and deepen India's integration into global value chains.

      The Government has established a comprehensive framework to monitor export performance across sectors, including labor-intensive segments, through a whole-of-Government approach involving all stakeholders - the Department of Commerce, Directorate General of Foreign Trade (DGFT), Export Promotion Councils (EPCs), Commodity Boards, line Ministries, State Governments including districts and Indian Missions abroad.

      The Department of Commerce has also significantly strengthened trade facilitation and trade intelligence platforms such as Trade e-Connect and the Trade Intelligence and Analytics (TIA) Portal. Trade e-Connect serves as a comprehensive exporter facilitation platform, integrating market intelligence, tariff information, non-tariff barriers, Rules of Origin guidance, buyer-seller information, trade events, country and product guides, and FTA-related advisory services to help exporters identify opportunities and effectively utilise preferential market access under India's FTAs. The platform also facilitates engagement between exporters, Indian Missions abroad and relevant government agencies, thereby reducing information asymmetries and improving access to international markets. The TIA Portal complements these efforts by providing extensive trade analytics, commodity-level data, partner-country information and interactive dashboards to support data-driven policymaking and real-time monitoring of export performance.

      This information was given by Minister of State for Ministry of Commerce and Industry, Shri Jitin Prasada in a written reply in Lok Sabha today.

      ***

      Abhishek Dayal/ Garima Singh/ Ishita Biswas

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